Confluent (NASDAQ:CFLT) Sets New 52-Week Low on Analyst Downgrade

Confluent, Inc. (NASDAQ:CFLT) shares hit a new 52-week low during trading on Thursday after DA Davidson lowered their price target on the stock from $32.00 to $24.00. DA Davidson currently has a buy rating on the stock. Confluent traded as low as $17.51 and last traded at $17.92, with a volume of 16265787 shares changing hands. The stock had previously closed at $26.40.

Several other equities analysts also recently commented on the company. Loop Capital decreased their target price on Confluent from $30.00 to $22.00 and set a “hold” rating on the stock in a research report on Wednesday, April 23rd. Raymond James Financial lowered their target price on Confluent from $30.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday. Piper Sandler lowered their target price on Confluent from $32.00 to $27.00 and set an “overweight” rating on the stock in a research note on Thursday. Stifel Nicolaus reiterated a “hold” rating and set a $21.00 target price (down previously from $30.00) on shares of Confluent in a research note on Thursday. Finally, Stephens started coverage on Confluent in a research note on Friday, July 18th. They set an “overweight” rating and a $31.00 target price on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and an average target price of $27.86.

Insider Buying and Selling at Confluent

In other Confluent news, Director Neha Narkhede sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $22.82, for a total transaction of $456,400.00. Following the completion of the transaction, the director directly owned 20,247 shares in the company, valued at $462,036.54. The trade was a 49.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michelangelo Volpi sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $25.00, for a total transaction of $625,000.00. Following the completion of the sale, the director owned 267,079 shares in the company, valued at approximately $6,676,975. The trade was a 8.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 486,669 shares of company stock valued at $11,439,593. 9.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Credit Industriel ET Commercial bought a new position in Confluent in the 4th quarter valued at approximately $28,000. Cloud Capital Management LLC bought a new position in Confluent in the 1st quarter valued at approximately $26,000. Farther Finance Advisors LLC lifted its stake in Confluent by 252.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,448 shares of the company’s stock valued at $36,000 after purchasing an additional 1,037 shares during the last quarter. Versant Capital Management Inc lifted its stake in Confluent by 2,458.2% in the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock valued at $40,000 after purchasing an additional 1,647 shares during the last quarter. Finally, Banque Transatlantique SA bought a new position in Confluent in the 1st quarter valued at approximately $43,000. Institutional investors own 78.09% of the company’s stock.

Confluent Stock Performance

The firm has a market cap of $6.04 billion, a P/E ratio of -18.86 and a beta of 0.99. The company has a debt-to-equity ratio of 1.07, a quick ratio of 4.42 and a current ratio of 4.42. The company’s 50 day moving average is $24.43 and its 200 day moving average is $25.44.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The business had revenue of $282.29 million during the quarter, compared to the consensus estimate of $278.32 million. Confluent had a negative net margin of 29.27% and a negative return on equity of 27.98%. The firm’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.06 EPS. As a group, equities analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

About Confluent

Confluent, Inc operates a data streaming platform in the United States and internationally. The company provides platforms that allow customers to connect their applications, systems, and data layers, such as Confluent Cloud, a managed cloud-native software-as-a-service; and Confluent Platform, an enterprise-grade self-managed software.